At a glance
- Company
- Ashkenazy Acquisition Corporation
- Announcement
- Financing
- Location
- New York, NY, United States
Key figures
- Refinancing
- $85 million
- Loan term
- five-year
- Hotel floors
- 16-story
- Hotel suites
- 300-suite
- Property area
- over 175,000 square feet
- Year originally built
- 1919
People
- Ben AshkenazyFounder and CEO of Ashkenazy Acquisition Corporation
- Joe Press
Products and programs
Ben Ashkenazy’s Ashkenazy Acquisition Corporation secured an $85 million refinancing deal for the Arthouse Hotel New York City. Citi Real Estate Funding provided the five-year loan for the 16-story, 300-suite boutique hotel, ensuring continued preservation and enhancement of this historic property located near Central Park.
New York, NY, United States, July 26, 2024 -- Ben Ashkenazy, founder and CEO of Ashkenazy Acquisition Corporation, has successfully secured an $85 million refinancing deal for the Arthouse Hotel New York City, located on the Upper West Side. Citi Real Estate Funding provided the five-year loan to refinance the 16-story, 300-suite boutique hotel, which sits at the corner of Broadway and West 77th Street.
The Arthouse Hotel, originally built in 1919 and rebranded several times before its acquisition by Ashkenazy in 2013, spans over 175,000 square feet and features a community bar, Redfarm Chinese eatery, and Serafina Italian restaurant. The hotel’s strategic location, two blocks from Central Park, enhances its appeal as a premier destination in New York City.
This refinancing deal underscores Ashkenazy Acquisition Corporation’s commitment to maintaining and enhancing its portfolio of iconic properties. The firm, known for investing in landmark assets, continues to focus on strategic growth and development within the hospitality sector. The Arthouse Hotel represents a blend of historical charm and modern amenities, making it a standout property in Ashkenazy’s extensive portfolio.
Joe Press commented on the refinancing, stating, “Securing this refinancing with Citi Real Estate Funding enables us to continue our mission of providing exceptional hospitality experiences. The Arthouse Hotel is a prime example of our dedication to preserving the character of historical properties while ensuring they meet contemporary standards.”
The successful refinancing deal follows a series of strategic financing by Ashkenazy Acquisition Corporation, further solidifying its position as a leader in the real estate industry. With a portfolio that includes irreplaceable properties such as New York’s Plaza Hotel, Rivercenter in San Antonio and Bayside Marketplace in Miami, the firm continues to shape the commercial real estate landscape with visionary investments.
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In brief
Ashkenazy Acquisition Corporation says it secured an $85 million refinancing for the Arthouse Hotel New York City, with Citi Real Estate Funding providing a five-year loan. The 16-story, 300-suite hotel is on the Upper West Side, near Central Park. The release says the property was built in 1919, spans more than 175,000 square feet and includes a community bar, Redfarm Chinese eatery and Serafina Italian restaurant. Ashkenazy acquired the hotel in 2013. The company says the refinancing will support continued maintenance and enhancement of the property. Ben Ashkenazy, the corporation’s founder and CEO, is named in the announcement; Joe Press is quoted discussing the financing and the hotel’s historical character and modern amenities.
Key takeaways
- Ashkenazy Acquisition Corporation says it obtained $85 million in refinancing for the Arthouse Hotel New York City.
- Citi Real Estate Funding provided a five-year loan, according to the announcement.
- The Upper West Side hotel has 300 suites and was originally built in 1919.
- Ashkenazy acquired the property in 2013.
